World Bank, IMF support for Mena urged

Addressing the International Monetary Fund (IMF) and World Bank Group Annual Meetings in Bali, Indonesia, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, called on the IMF to support growth plans in the Middle East and North Africa (Mena) region and provide support in financial integration and utilisation of technologies in financial services.

“We look forward to the fund providing further support to countries in the region affected by political conflicts and refugee crises, and addressing their implications with regards to the countries’ economies,” said Al Tayer.

Dr. Jim Yong Kim, President of the World Bank, participated in the ministerial meeting along with governors of the Mena region, where they discussed the private sector’s role in the Arab region’s economic transformation, the necessity of channelling funding to support further reforms, materialising technology’s contribution to financial services and supporting entrepreneurship.

He also stressed the need for the World Bank Group (WBG) to provide support and expertise on applying partnerships between public and private sectors in an optimal manner.

“Investing in human capital is a priority for the region’s countries, which are under pressure to cut spending. This requires effective policies and guiding them to develop human resources and infrastructure to enable sustainable development,” said Al Tayer.